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12. Corporation to be a non-profit organization

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

The Corporation shall be a non-profit organization and no part of the gains, profits or dividends, if any, of the Corporation shall be distributed among the members of the Corporation.

(2)

If upon the dissolution of the Corporation there remains after the satisfaction of all its debts and liabilities any money or property, such money or property shall not be distributed among the members of the Corporation, but shall be given or transferred to any other institution having objects similar to those of the Corporation, and which is by the rules thereof prohibited from distributing any income or property among its members.